(1) In light of the fluctuating amounts of state revenues that have been available for controlled maintenance purposes in the past, the general assembly hereby finds and declares that a stable, predictable, and consistent source of revenues for controlled maintenance projects will better allow the state to fund such projects on a timely basis and avoid higher replacement costs. In order to provide a consistent source of revenues, the general assembly hereby further finds and declares that it is appropriate to create a trust fund which will generate an annual amount of interest which will be dedicated to controlled maintenance. (2) (a) There is hereby created the controlled maintenance trust fund, the principal of which shall consist of any general fund revenues appropriated or transferred thereto by law, moneys credited thereto pursuant to section 24-30-1310, and proceeds of leveraged leasing agreements deposited thereto pursuant to section 24-82-1003 (3). For the 1996-97 fiscal year and fiscal years thereafter, the principal of the trust fund may constitute all or some portion of the state emergency reserve established pursuant to section 24-77-104 and may be expended in any given fiscal year as provided in said section. The principal of the trust fund shall not be expended or appropriated for any purpose other than use as part of the state emergency reserve. The state treasurer may in the state treasurer's discretion deposit, redeposit, invest, and reinvest moneys accrued or accruing to the controlled maintenance trust fund in the types of deposits and investments authorized in sections 24-36-109, 24-36-112, and 24-36-113. (b) Beginning September 1, 1994, and on September 1 of each year thereafter, the state treasurer shall certify to the general assembly the amount of interest actually earned on the principal of the trust fund during the previous fiscal year and shall also provide an estimate of the interest expected to be earned on such principal during the current fiscal year. (c) Beginning with the 1996-97 fiscal year, the interest earned on the principal of the trust fund balance may be appropriated for controlled maintenance, as defined in section 24-30- 1301 (4), as follows: Up to fifty percent of the amount of interest expected to be earned on the principal of the trust fund during the current fiscal year as estimated by the state treasurer and the amount of interest actually earned on the principal of the trust fund during the previous fiscal year as certified by the state treasurer, not to exceed a maximum of thirty-five million dollars in any fiscal year. (d) The principal of the trust fund and any unappropriated interest earned on the principal of the trust fund at the close of any fiscal year must remain in the trust fund and may not revert to the general fund. (e) (Deleted by amendment, L. 2004, p. 261, § 1, effective April 5, 2004.) (f) Repealed. (2.3) For the fiscal year commencing July 1, 2017, the state treasurer shall transfer twenty million dollars from the general fund to the controlled maintenance trust fund. (2.4) For the fiscal year commencing July 1, 2018, the state treasurer shall transfer thirty million dollars from the general fund to the controlled maintenance trust fund. (2.5) For the state fiscal year commencing July 1, 2019, the state treasurer shall transfer forty-two million dollars from the general fund to the controlled maintenance trust fund. (2.7) (a) On December 3, 2020, the state treasurer shall transfer one hundred million dollars from the general fund to the controlled maintenance trust fund. (b) (I) Prior to July 1, 2021, the governor may transfer to the disaster emergency fund, created in section 24-33.5-706 (2)(a), any money in the controlled maintenance trust fund transferred thereto in accordance with subsection (2.7)(a) of this section, if the money available in the disaster emergency fund is insufficient for the public health and emergency response costs associated with the COVID-19 pandemic emergency. No other transfers of this money to the disaster emergency fund are permitted. (II) If, after the date of a transfer to the disaster emergency fund under subsection (2.7)(b)(I) of this section, the state receives a reimbursement from the federal government for any expenditures from the disaster emergency fund, the state treasurer shall deposit the reimbursement into the controlled maintenance trust fund; except that the deposited amount shall not exceed the amount transferred under subsection (2.7)(b)(I) of this section. (3) Notwithstanding any other provision of this section to the contrary: (a) On July 1, 2001, the state treasurer and the controller shall transfer an amount equal to the principal balance of the trust fund as of June 30, 2001, to the general fund to be expended or transferred as provided by law. (b) Repealed. (4) Notwithstanding any other provision of this section to the contrary, on March 27, 2002, the state treasurer and the controller shall transfer nine million five hundred thousand dollars from the trust fund to the general fund. (5) Notwithstanding any other provision of this section to the contrary, on June 1, 2006, the state treasurer and controller shall transfer one hundred eighty-five million six hundred twenty-seven thousand eight hundred one dollars from the trust fund to the general fund. (6) (a) Notwithstanding any provision of this section to the contrary, on February 1, 2006, the state treasurer and the controller shall transfer three million one hundred forty-four thousand one hundred sixty-two dollars from the interest earned on the principal of the trust fund balance to the general fund to be used to increase the general fund appropriation for safety net provider payments for private hospitals under the Colorado indigent care program created in part 1 of article 3 of title 25.5, C.R.S. (b) If, on February 1, 2006, there is not sufficient interest earned on the principal of the trust fund to make the transfer required by paragraph (a) of this subsection (6), the state treasurer and controller shall transfer the available interest as of February 1, 2006, and shall transfer the remaining interest due as the interest accrues. (c) This subsection (6) is repealed, effective July 1, 2025. (7) Notwithstanding any provision of this section to the contrary, on July 1, 2009, the state treasurer shall deduct eight hundred three thousand six hundred ten dollars from the trust fund and transfer such sum to the general fund. (8) Notwithstanding any provision of this section to the contrary, on July 1, 2014, the state treasurer shall deduct nine million six hundred seventy-two thousand dollars from the trust fund and transfer such sum to the general fund for the purpose of supporting a fiscal year 2014- 15 appropriation for the Colorado firefighting air corps created in section 24-33.5-1228. (9) Notwithstanding any provision of this section to the contrary, on July 1, 2016, the state treasurer and the controller shall transfer one million dollars from the interest earned on the principal of the trust fund balance to the capital construction fund created in section 24-75-302. (10) Notwithstanding any provision of this section to the contrary, on July 1, 2021, the state treasurer and the controller shall transfer one hundred ten million dollars from the general fund to the controlled maintenance trust fund for controlled maintenance budget requests prioritized by the office of the state architect as level one and level two priority projects under section 24-30-1303 (1)(t)(II). (11) Notwithstanding any provision of this section to the contrary, on July 1, 2024, the state treasurer shall transfer eighty-four million eight hundred seventy-five thousand four hundred sixty-two dollars from the controlled maintenance trust fund to the capital construction fund created in section 24-75-302. (12) Notwithstanding any provision of this section to the contrary, the state treasurer shall transfer all unexpended and unencumbered money in the controlled maintenance trust fund on July 31, 2024, to the general fund.
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